If Crude Oil Breaks Through $51.65, Watch Out
Crude Oil is consolidating in a symmetrical triangle on the H4 timeframe, hovering just below the June 2016 swing higher near $51.65; the symmetrical triangle peaked at $51.60. A weekly close through $51.65 would signal a significant turn in energy markets (implications for USD/CAD and CAD-crosses in general). Breakout targets to the topside would be ~$53.80 and $56.00/40.
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